Today we're shining a spotlight on the Galleria On The Park project, a development located at Dupont street and Dufferin street by ELAD Group, a multinational firm with development projects in North America, Europe, and Israel. Their market share value approaches nearly 2 billion dollars and their strong reputation definitely proceeds them. In Toronto, they’re most known for their Emerald City development which is another master planned community near completion in North York. Because of their scale, how well healed they are, and their constant need to deploy capital and create value for shareholders, they focus on creating large communities.
Galleria On The Park
The Galleria On The Park development is their next project, another master planned community coming to North York likely to launch in the next 18 months or so. As realtors and/or investors, the 2 biggest questions we ask are, “Is this project approved?” and “Who is behind this project?” You should be checking references, understand the history of the site, whether the approvals are in place or not, and most importantly who is being the project in case the market turns and things change. ELAD has already acquired the site and are fully approved to move forward with the project. Because you're dealing with a publicly traded company like ELAD Group, there is a lot more disclosure than you’d find when dealing with a private company. As mentioned above, they have a fantastic reputation from their previous projects, including the Plaza Hotel and other luxury properties in New York City.
The community around Dupont and Dufferin is a well establisher, deep rooted community with strong family values and many second and third generation Canadians. For decades, the Galleria mall was dependent on those inter person community interactions, whether it be local coffee shops or small retail shops in the mall. The intention of the Galleria On The Park isn’t “out with the old, in with the new!” It’s a way to evolve and complement the changes that the city of Toronto is currently experiencing in a pocket that geographically is experiencing significant growth. The macro vision is to bring in several elements and form a truly well thought out masterplanned community. Bringing those elements together and living harmoniously to enhance the services, facilities, and the infrastructure that the neighbourhood benefits from today and enhance them for the future.
Going into the Galleria On The Park development are 8 condo towers with roughly 3,000 units, more than 50% of these units being 2 bedroom and larger. This development will include 1 bedroom units as well but exclude studio units. It also includes nearly 8 acres of park space and an exciting community centre intended to service everyone in the community and will enhance the Galleria, making it a destination spot rather than just a community within itself. One of the largest community centres in the GTA, the Galleria community centre will come in at about 95,000 square feet and will feature anything from swimming pools, fitness facilities, sports courts, classrooms, and studios. One of the most important features being added to the centre, which plays an important role in the community’s growth, is a daycare.
With second and third generation families already living in the area and new families transitioning into the area, providing them with the opportunity to stay in the area with the room to grow their family and grow the retail market keeps the entire focus on the community.
The retail component of this development will be entirely owned by one entity and definitely worth dwelling on to understand just how significant it is. The Galleria Mall standing now has about 230,000 square feet of retail space. The intention going forward, under the new proposal, is to take down the current mall and build a new one that will come in at about 300,000 square feet, allowing for a significant amount of retail coming in than going out. Again, the intention is to enhance the services within the area for the community.
Some of the big anchor tenants have already been secured, such as a national grocer, a national pharmacy, 2 national financial institutions, all on site. There will also be a couple service shops, boutiques, coffee shops, and restaurants. It’s about finding that balance to really enhance lifestyle experience. With the residential component sitting above it, it creates a very organic opportunity for residents to interact with and help retailers thrive on a long term basis and avoid turnover.
Community, Community, Community
There is a lack of high-rise development in the Central West area and freehold properties, townhouses, semi-detached, and detached homes are easily being sold for over a million now. If you manage to find a home for under a million, you’re still having to invest $200,000 to $300,000 to get into livable conditions. People want to stay in the area and a development like this brings affordability to the neighbourhood and a great opportunity for pre-construction investors as well. The Dupont West Strip is an underdeveloped strip in a great location in the city. Galleria On The Park, in many ways, isn’t just the first phase of this incredible master planned community, it’s the first phase of significant transformation within this neighbourhood.
With most new developments, it’s common for spaces like this community centre to finish years after the condos have been built. In this case, the centre will be built simultaneously with the first and second building and will be ready significantly sooner than the actual condos, which take about 4 years to build. They want to create upfront value for the existing occupants of the neighbourhood and have a large component of the park and community centre completed as early as possible rather than have people live through a decade of construction and inconveniences.
Sometimes it can be a worry that the community will fear large developments such as this one, and of course you can never satisfy everyone, but overall the Galleria On The Park project has been a very collaborative process between the community and the developers. Throughout the development process, the community has been reengaged constantly for their feedback. Eventually, there was enough support from the community for this development to be approved. Community has been a priority from the moment the first steps were taken with this project.
An incredible perk of this development is the unobstructive views as the condos are surrounded by freehold that can’t be torn down. This squashes any worries about future buildings going in front of the Galleria towers, allowing for natural light and beautiful views.
Galleria On The Park - increasing retail space, park space, services by building a brand new community centre, providing affordable living for multigenerational families, and the first major step in a growing and evolving community. The site was purchased long ago and the project is approved.
If you want to get in on this incredible investment opportunity, you don’t have to wait. Email firstname.lastname@example.org or call/text (416) 996-5181. We’ll work together to make your real estate dreams come true in helping you build generational wealth and financial freedom.